Emini Podcast | No Loser Talk
November 27, 2012 at 4:49 PM (QQQ)(SPY)(GLD)(FB)(TDC)
by DeWayne Reeves
“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle” Winston Churchill
Buffett or Norquist?
Will higher taxes stop the rich from trying to get richer? "Of course not", you say, "that's ridiculous". Don't be so quick to answer. A man in my position gets to talk from time to time with some of the upper crust, those refined 1 - 5 - 10%'ers, and quite frankly I'm shocked.
In an op-ed for The New York Times on Monday, Warren Buffett asks readers to imagine they've been offered a great investment opportunity. The Oracle of Omaha concludes from his decades of experience in the investment world that most wouldn't shy away from an opportunity just because they might have to pay more in taxes.
"Only in Grover Norquist’s imagination does such a response exist," Buffett writes.
It's hard to argue with the Sage, but here is the truth as I see and hear it. Grown men are trembling in their boots over this. Not just any grown men, filthy rich grown men. They are paralyzed by fear. "Haven't you heard?" they whimper, "there's a socialist in the White House".
When I see regular guys out there working hard, putting it all on the line, scrimping, saving, skipping meals to make payroll and meet deadlines, I want to stand up and cheer. These are the men that make America the greatest nation on the face of the earth. They aren't going to cheat their families out of an inheritance, or their employees out of a future, just because we have a leftist whack job in the oval office. Step back two Presidents and we had a leftist whack job behind the big desk then. We survived him and Monica and we'll survive this too.
However, we're going to have to do it on our own fella's. Those who already made their do re mi are stepping back. "It's a little too dicey out there right now" says Mr. I Have Too Much To Lose.
Wynn Resorts Ltd. CEO Steve Wynn says he’d like to partner with some friends to develop another megaresort on the Las Vegas Strip, but he hasn’t done so because of what he calls President Barack Obama’s anti-business attitude.
“That would have been an investment of $2 billion and created at least another 10,000 regular jobs. I could do that and we could get the money,” he said.
“What happened?” Jon Ralston of the Ralston report asked.
“I’m afraid of the president. I have no idea what goofy idea, what crazy, anti-business program this administration will come up with,” Wynn said. “Every business guy I know in the country is frightened of Barack Obama and the way he thinks.”
So there you have it folks. The smart money rolling over and playing dead.
Score-Board
Barack - 1
America - 0
Now the "little guy" that does my lawn, he's trying to borrow $1k so he can buy a new mower, 2 hedge trimmers and some safety gear. Why? He wants to create 2 new jobs and shove an extra 2 Large ($200) in his overalls every Friday.
I love that little guy. Before I would ever drop another dime in a Wynn Casino I would flush it down the toilet or buy a leaf blower. As for the 10,000 Las Vegan's who remain jobless? They just wish they had a toilet.
Do all Billionaires think alike? No!
That's the other reason America is stil the greatest nation on the face of the earth.
Kevin Plank - No Loser Talk
Kevin Plank defines “loser talk” as anything that cannot be internally controlled by the company. This includes beginning meetings by reminding everyone of current pressures from a recessing market. Under Armour does not believe in this. Throwing out one of Kevin Plank’s many sporting references, “the best defense is to score another touchdown.” In other words, continue the attack, building on infrastructure and executing on things that are controllable.
I read one of the most admirable leadership moves that a CEO could make. While big businesses are getting bailouts to pay bonuses, Kevin Plank cut his own annual salary from $500,000 to $26,000 after Under Armour did not meet its revenue goals. He believes that he should be paid based on the performance of the company, and even though revenues rose by 19% to $725 million, the goal was $775 million, and that wasn’t acceptable. Was this the right thing to do? Perhaps. Perhaps not; but what message does it send to the entire organization. It says that above all else, he holds himself responsible for the performance of the company, and as the top dog, he will take the biggest hit when the company is performing sub-par.
I'm keenly aware this editorial will win me no friends. I fully understand that Mr. Wynn is one of the most beloved employers in the great state of Nevada. He's stood up to the mob, the unions, and parlayed a family bingo parlor into an international multi-billion dollar gaming empire (with socialized healthcare for his Chinese employees). For all of that, he has my utmost respect and admiration.
What deeply saddens me is when a small group of people (1%) have the financial wherewithal to make a difference, but choose not to. God Bless America!
As opportunities unfold we will keep you posted.
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